SpaceX is on track to become the most expensive mega cap stock in the world.

At the high end of its estimated $1.75T valuation range, the company would be valued at roughly 159x 2026 EBITDA.

For context, Tesla trades at around 96x forward EV/EBITDA, currently the highest multiple among US mega caps in this screen. The market median is closer to 20x.

The valuation is hard to justify by near-term fundamentals alone. Revenue is growing at roughly 15-20% per year, which is modest for a multiple this extreme.

Investors are not paying for what SpaceX earns today. They are paying for the assumption that SpaceX will dominate launch, connectivity, and orbital infrastructure for decades.

Our models tend to be skeptical of multiples driven more by narrative than by numbers.